REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Directors and |
|
Financial Statements for the Year Ended 31 December 2020 |
|
for |
|
Axioma (UK) Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategic Report, Report of the Directors and |
|
Financial Statements for the Year Ended 31 December 2020 |
|
for |
|
Axioma (UK) Limited |
Axioma (UK) Limited (Registered number: 05981946) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Strategic Report | 2 |
|
Report of the Directors | 3 |
|
Report of the Independent Auditors | 5 |
|
Statement of Comprehensive Income | 7 |
|
Balance Sheet | 8 |
|
Statement of Changes in Equity | 9 |
|
Cash Flow Statement | 10 |
|
Notes to the Financial Statements | 11 |
|
Axioma (UK) Limited |
|
Company Information |
for the Year Ended 31 December 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
AUDITORS: |
|
Chartered Certified Accountants |
& Statutory Auditors |
71-75 Shelton Street |
London |
WC2H 9JQ |
|
|
|
BANKERS: |
|
100 Old Broad St |
London |
EC2N 1BG |
Axioma (UK) Limited (Registered number: 05981946) |
|
Strategic Report |
for the Year Ended 31 December 2020 |
|
The directors present their strategic report for the year ended 31 December 2020. |
|
REVIEW OF BUSINESS |
During the year the company continued to provide investment management solutions under an intercompany service agreement with its parent company Axioma Inc., which has been in force since January 2016. |
|
During the prior period, the directors agreed to change the accounting year end date to 31 December to align with the group's financial year end. The company’s key financial and other performance indicators for the year were as follows: |
|
|
12 months
ending |
9 months
ending |
|
31 December
2020 |
31 December
2019 |
Notes | £'000 | £'000 |
|
Other income | 14,478 | 23,119 |
Operating profit | 689 | 783 |
Shareholder's equity | 13/14 | 2,156 | 1,605 |
|
Number of staff | 3 | 69 | 66 |
|
PRINCIPAL RISKS AND UNCERTAINTIES |
All of the company's income is generated by the inter-company service agreement with its parent company Axioma Inc. The directors of the company as confident that this agreement will remain in place for the foreseeable future. |
|
On 11 March 2020, the World Health Organisation declared a global pandemic related to the novel Coronavirus (COVID-19), which continues to spread throughout the United Kingdom and globally. The pandemic is creating disruption in the economy, including supply chains, production, and sales across various industries. The impact on Axioma's operations and financial performance will depend on the duration and extent of the pandemic, which include the impact on the Group's customers, vendors and employees. Therefore, the extent to which the COVID-19 pandemic may impact the Group and Company's financial positions or results of operations is uncertain at this time. |
|
FUTURE DEVELOPMENTS |
The directors expect the company will continue to operate under the terms of its inter-company service agreement which guarantees income on a cost plus basis. The directors are therefore confident that in the coming period the company will continue to deliver a profit in line with the terms of that agreement. |
|
RESULTS AND DIVIDENDS |
The profit after tax for the year amounted to £550,633 (2019 - £594,246) which will be retained within the business. The directors do not recommend payment of a dividend (2019 - Nil). |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
Axioma (UK) Limited (Registered number: 05981946) |
|
Report of the Directors |
for the Year Ended 31 December 2020 |
|
The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
|
PRINCIPAL ACTIVITY |
During the year the company continued to provide investment management solutions under an intercompany service agreement with its parent company Axioma Inc. |
|
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2020 (period ended 31 December 2019: Nil). |
|
DIRECTORS |
|
|
Other changes in directors holding office are as follows: |
|
|
|
|
|
POLITICAL DONATIONS AND EXPENDITURE |
The Company made no political donations or incurred any political expenditure during the period (2019: Nil). |
|
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. |
|
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with applicable law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice). |
|
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and estimates that are reasonable and prudent ; and |
- |
assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern; and |
- |
use the going concern basis of accounting unless they either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so. |
|
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities. |
Axioma (UK) Limited (Registered number: 05981946) |
|
Report of the Directors |
for the Year Ended 31 December 2020 |
|
|
DISCLOSURE OF INFORMATION TO AUDITORS |
The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditor is unaware; and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
Report of the Independent Auditors to the Members of |
Axioma (UK) Limited |
|
Opinion |
We have audited the financial statements of Axioma (UK) Limited (the 'company') for the year ended 31 December 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
|
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
|
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
|
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
|
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
|
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
|
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
|
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
|
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Axioma (UK) Limited |
|
|
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
|
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
|
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
|
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
|
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
|
|
|
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
|
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
|
|
|
|
for and on behalf of
|
Chartered Certified Accountants |
& Statutory Auditors |
71-75 Shelton Street |
London |
WC2H 9JQ |
|
|
Axioma (UK) Limited (Registered number: 05981946) |
|
Statement of Comprehensive |
Income |
|
for the Year Ended 31 December 2020 |
|
Period |
1.4.19 |
Year Ended | to |
31.12.20 | 31.12.19 |
Notes | £ | £ |
|
TURNOVER |
|
|
|
Administrative expenses |
( |
) |
( |
) |
(13,789,130 | ) | (22,335,745 | ) |
|
Other operating income |
|
|
OPERATING PROFIT | 5 |
|
|
PROFIT BEFORE TAXATION |
|
|
|
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
|
|
|
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
|
|
Axioma (UK) Limited (Registered number: 05981946) |
|
Balance Sheet |
31 December 2020 |
|
31.12.20 | 31.12.19 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
|
|
|
CURRENT ASSETS |
Debtors | 8 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
10 |
( |
) |
( |
) |
|
DEFERRED TAXATION | 12 | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 13 |
|
|
Retained earnings | 14 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
Axioma (UK) Limited (Registered number: 05981946) |
|
Statement of Changes in Equity |
for the Year Ended 31 December 2020 |
|
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
|
Balance at 1 April 2019 |
|
|
|
|
|
Changes in equity |
Equity-settled share-based
payment
transactions |
- |
317,575 |
(317,575 |
) |
- |
Total comprehensive income | - |
|
|
|
Balance at 31 December 2019 |
|
|
|
|
|
Changes in equity |
Total comprehensive income | - |
|
|
|
Balance at 31 December 2020 |
|
|
|
|
Axioma (UK) Limited (Registered number: 05981946) |
|
Cash Flow Statement |
for the Year Ended 31 December 2020 |
|
Period |
1.4.19 |
Year Ended | to |
31.12.20 | 31.12.19 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 18 |
|
|
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
|
|
|
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
|
Increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of
year |
19 |
|
158,653 |
|
Cash and cash equivalents at end of year | 19 | 248,258 | 201,909 |
Axioma (UK) Limited (Registered number: 05981946) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
|
1. | STATUTORY INFORMATION |
|
Axioma (UK) Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Going concern |
The company is dependant on income from its parent company under the terms of an inter-company service agreement in order to finance its activities. The directors are confident that in the coming period the company will continue to deliver a profit in line with the terms of that agreement. |
|
Other operating income |
The Company has no turnover but instead has other operating income which comprises management fees recharged to the parent company on a cost-plus basis. |
|
Tangible fixed assets |
|
|
- | Fixtures and fittings - 25% on reducing balance |
- | Computer equipment - 25% on reducing balance |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Axioma (UK) Limited (Registered number: 05981946) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Employee benefits |
|
Defined contribution plans and other long-term employee benefits |
A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans arc recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. |
|
Share based payment |
Equity-settled share-based payments are measured at the fair value of the goods or services received when this can be estimated reliably. Market and non-vesting conditions are reflected in the initial measurement of fair value of the equity-settled share-based payment. There is no subsequent adjustment if these conditions are not satisfied. An estimate is made for the number of equity instruments for which service and non-market performance conditions are expected to be satisfied. This estimate is trued-up to the number ultimately satisfied. The fair value of a modification to the vesting conditions that is beneficial to the employee is accounted for over the modified vesting period; other modifications are ignored. Cancellations or settlement of equity-settled share-based payments are treated as an acceleration of vesting; any remaining charge is recognised immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability incurred. This liability is remeasured until the award is settled. Movements are recognised in profit or loss. A share-based payment transaction when the entity has a choice of settlement is treated as an equity-settled share-based payment unless the choice of settlement in equity instruments has no commercial substance or the entity has a past practice or stated policy of settling in cash. When the counter party has the choice of settlement, a share-based payment transaction is treated as a cash-settled share-based payment unless there is no commercial substance to the cash settlement offer. |
|
3. | EMPLOYEES AND DIRECTORS |
Period |
1.4.19 |
Year Ended | to |
31.12.20 | 31.12.19 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
Axioma (UK) Limited (Registered number: 05981946) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
3. | EMPLOYEES AND DIRECTORS - continued |
|
The average number of employees during the year was as follows: |
Period |
1.4.19 |
Year Ended | to |
31.12.20 | 31.12.19 |
|
Directors | 2 | 2 |
Customer experience | 23 | 22 |
Engineering | 12 | 15 |
Operations | 8 | 8 |
Product solutions | 11 | 6 |
Sales | 13 | 14 |
|
|
|
During the prior year, there was a vesting of open stock options for £12,993,724 . This expense was recharged to Axioma Inc as part of the normal cost plus agreement and makes up part of operating income. |
|
4. | DIRECTORS' EMOLUMENTS |
Period |
1.4.19 |
Year Ended | to |
31.12.20 | 31.12.19 |
£ | £ |
Directors' remuneration |
|
|
Directors' pension contributions to money purchase schemes |
|
|
|
The number of directors to whom retirement benefits were accruing was as follows: |
|
Money purchase schemes |
|
|
|
|
|
Information regarding the highest paid director is as follows: |
Period |
1.4.19 |
Year Ended | to |
31.12.20 | 31.12.19 |
£ | £ |
Emoluments etc |
|
|
Pension contributions to money purchase schemes |
|
|
|
Directors of the company have been remunerated by other group companies. |
Axioma (UK) Limited (Registered number: 05981946) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
5. | OPERATING PROFIT |
|
The operating profit is stated after charging: |
|
Period |
1.4.19 |
Year Ended | to |
31.12.20 | 31.12.19 |
£ | £ |
Other operating leases |
|
|
Depreciation - owned assets |
|
|
Auditors' remuneration |
|
|
Foreign exchange differences |
|
|
|
6. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
1.4.19 |
Year Ended | to |
31.12.20 | 31.12.19 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax |
|
|
Tax on profit |
|
|
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
|
Period |
1.4.19 |
Year Ended | to |
31.12.20 | 31.12.19 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax |
|
|
Total tax charge | 138,824 | 189,088 |
Axioma (UK) Limited (Registered number: 05981946) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
7. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
and 31 December 2020 |
|
|
|
DEPRECIATION |
At 1 January 2020 |
|
|
|
Charge for year |
|
|
|
At 31 December 2020 |
|
|
|
NET BOOK VALUE |
At 31 December 2020 |
|
|
|
At 31 December 2019 |
|
|
|
|
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
VAT |
|
|
Prepayments |
|
|
|
|
|
The amounts owed by group undertakings are not interest bearing. The loan is repayable on demand. |
|
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Hire purchase contracts (see note 11) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
|
|
|
10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Hire purchase contracts (see note 11) |
|
|
Axioma (UK) Limited (Registered number: 05981946) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
11. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
31.12.20 | 31.12.19 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable | operating leases |
31.12.20 | 31.12.19 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
The company signed a lease agreement in 2018 whereby a monthly membership fee of £81,350 will be payable every month for the period 1 April 2019 to 31 March 2021. |
|
12. | DEFERRED TAXATION |
|
31.12.20 | 31.12.19 |
£ | £ |
Deferred tax (liability)/asset | (11,674 | ) | (10,701 | ) |
|
Deferred tax |
At 1 January 2020 | (10,701 | ) |
Accelerated capital allowances | 4,113 |
Other temporary timing differences | (5,086 | ) |
At 31 December 2020 | (11,674 | ) |
|
13. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
|
Ordinary | $1 | 10,514 | 10,514 |
|
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. |
Axioma (UK) Limited (Registered number: 05981946) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
14. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2020 |
|
Profit for the year |
|
At 31 December 2020 |
|
|
15. | RELATED PARTY DISCLOSURES |
|
All of the income received by the company (£
Axioma Inc , USA. |
|
As at 31 December 2020 £4,629,726 (2019 - £3,017,424) was owed to the company by various group entities as follows: |
|
31.12.20 | 31.12.19 |
£ | £ |
|
|
|
2,966,511 |
|
|
29,424 |
|
|
20,673 |
|
|
816 |
4,629,726 | 3,017,424 |
|
16. | CONTROLLING PARTY |
|
|
|
The Company is a subsidiary undertaking of
Company are consolidated is that headed by smallest group in which they are consolidated is that headed by obtained from https://www.deutsche-boerse.com/dbg-en/investor-relations/financial-reports. |
Axioma (UK) Limited (Registered number: 05981946) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
17. | SHARE-BASED PAYMENT TRANSACTIONS |
|
2000 and 2010 Stock Plan |
Under the terms of the 2000 and 2010 Stock Plan, key and selected employees of the company were granted share options in the company's ultimate parent undertaking. |
The fair value of services received in return for share options granted was measured by reference to the fair value of share options granted. The fair value of the employee share options was measured using the Black Scholes model which is accepted as the industry standard for this exercise. |
As a result of a change in ownership in 2019 vested share options were exercised and any unexercised or unvested share options were forfeited by employees. There were no open share options at the end of the year or the prior year. |
|
Group Share Plan |
Employees of the company are able to participate in the Group Share Plan of the ultimate parent company, Deutsche Börse Group AG. Under this scheme, in the year ended 31 December 2020, the participating employees had the opportunity to subscribe for up to 50 shares of the Deutsche Börse Group AG at a discount of 40 per cent and another 50 shares at a discount of 10 per cent. The acquired shares are subject to a lock-up period of two years. The expense of this benefit is recognised as a staff expense during the period. |
|
18. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
Period |
1.4.19 |
Year Ended | to |
31.12.20 | 31.12.19 |
£ | £ |
Profit before taxation |
|
|
Depreciation charges |
|
|
711,103 | 793,507 |
(Increase)/decrease in trade and other debtors | ( |
) |
|
Increase/(decrease) in trade and other creditors |
|
( |
) |
Cash generated from operations |
|
|
|
19. | CASH AND CASH EQUIVALENTS |
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
|
Year ended 31 December 2020 |
31.12.20 | 1.1.20 |
£ | £ |
Cash and cash equivalents | 248,258 | 201,909 |
Period ended 31 December 2019 |
31.12.19 | 1.4.19 |
£ | £ |
Cash and cash equivalents | 201,909 | 158,653 |
|
Axioma (UK) Limited (Registered number: 05981946) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
20. | ANALYSIS OF CHANGES IN NET FUNDS |
|
At 1.1.20 | Cash flow | At 31.12.20 |
£ | £ | £ |
Net cash |
Cash at bank | 201,909 | 46,349 | 248,258 |
201,909 |
|
248,258 |
Debt |
Finance leases | (22,570 | ) | 8,736 | (13,834 | ) |
(22,570 | ) | 8,736 | (13,834 | ) |
Total | 179,339 | 55,085 | 234,424 |